R. Kipp deVeer - Aug 22, 2023 Form 4 Insider Report for Ares Management Corp (ARES)

Role
Head of Credit Group, Director
Signature
/s/ Anton Feingold, by power of attorney
Stock symbol
ARES
Transactions as of
Aug 22, 2023
Transactions value $
-$3,716,960
Form type
4
Date filed
8/24/2023, 08:57 PM
Previous filing
Aug 10, 2023
Next filing
Sep 11, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARES Class A Common Stock Options Exercise $1.61M +84.5K +9.82% $19.00 946K Aug 22, 2023 Direct F1
transaction ARES Class A Common Stock Tax liability -$5.32M -54K -5.71% $98.50 892K Aug 22, 2023 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ARES Options (Right to Buy) Options Exercise $0 -84.5K -100% $0.00* 0 Aug 22, 2023 Class A Common Stock 84.5K $19.00 Direct F2
holding ARES Ares Operating Group Units 1.51M Aug 22, 2023 Class A Common Stock 1.51M By Ares Owners Holdings L.P. F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Includes 625,000 restricted units granted pursuant to an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
F2 The options are fully vested as of May 1, 2019.
F3 Pursuant to the terms of the Fifth Amended and Restated Exchange Agreement, dated as of April 1, 2021, among Ares Holdco LLC, Ares Holdings L.P., Ares Management Corporation, and each Ares Operating Group Limited Partner (as defined in the exchange agreement), and subject to certain requirements and restrictions, the partnership units of the Ares Operating Group ("AOG units") are exchangeable for shares of Class A Common Stock on a one-for-one basis.
F4 The reporting person or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the shares of AOG Units. The AOG Units indirectly held by the reporting person are the number of AOG Units that he has a right to receive as a limited partner in AOH.